BYD sees NEV share reaching 50% in the next 3 months in China as EV price war heats up
After new energy vehicles (EVs and PHEVs) crossed 48.2% last week in China, BYD’s CEO Wang Chuanfu said at this rate, 50% NEV share could happen in the next three months.
BYD chairman predicts 50% NEV share in China sooner
“The penetration rate of NEVs crossed 48.2 percent last week, and if it continues at this rate, I estimate that the penetration could cross 50 percent in the next three months,” Wang explained at the China EV 100 Forum in Beijing over the weekend.
Just a month ago, BYD’s CEO said he could see China’s NEV reaching 50% by the end of the year, according to CnEVPost.
The penetration rate could be even higher over the next three months as NEVs dominate the market, according to Wang.
About half of BYD’s sales are all-electric, while the other half are PHEVs. Wang said China’s NEV makers must embrace the industry’s shift while advancing cleaner tech.
Last year, NEVs accounted for 35% of China’s auto sales. A jump to 45% would mean an extra two million NEV sales, according to Wang.
After dominating their domestic market, Chinese NEVs are now expanding overseas. Electric vehicles pushed China past Japan to become the global auto export leader. BYD’s first car transport ship docked in Germany last month, carrying 3,000 vehicles, as it’s “just getting started” in Europe.
Meanwhile, Wang warned the industry is entering a tough stretch, and automakers need to scale and grow their brand as quickly as possible.
After launching the Qin Plus Champion Edition (DM-i model) last year, priced below 100,000 yuan ($13,900) for the first time, BYD claimed it was “directly destroying the moat of joint venture vehicles.”
Now, the automaker has several fully electric models below or close to the 100,000 yuan mark.
Electrek’s Take
A 50% NEV share within the next three months would be impressive. China’s NEV market already topped 48% share last week as buyers continue transitioning to cleaner alternatives.
BYD announced a “liberation battle” against gas-powered vehicles last month after cutting EV prices and introducing new low-cost models.
Its cheapest EV so far, the new Seagull, starts at $9,700 (69,800 yuan). The Seagull earned the nickname “Lamborghini mini,” as former Lamborghini designer Wolfgang Egger led its design.
Although BYD is known as a low-cost EV maker, it’s expanding into new segments, including luxury and mid-size SUVs. BYD launched its Yangwang U9 electric supercar last month, starting at $233,000 (1,680,000 yuan).
It also has two new mid-size electric SUVs, the Sea Lion 07 and Song L, rolling out to compete with Tesla’s best-selling Model Y.
Although BYD and Tesla are often compared, BYD sees Tesla as an important partner and wants to work with them to continue gaining market share from ICE cars.
FTC: We use income earning auto affiliate links. More.
Thanks to the $10,000 Polestar Clean Vehicle Incentive introduced last week, 2024 Polestar 2 lease prices are now over $120 a month cheaper.
CarsDirect reports that through May 31, the 2024 Polestar 2 Long Range Dual Motor can be leased for $299 for 27 months with $3,299 due at signing.
The auto research portal says that’s a $50 drop in the monthly payment with $2,050 less required at signing. As a result, the effective cost fell $126, from $547 per month to $421 before taxes & fees.
The Polestar 2 Dual Motor – list price $55,300 – is a much better deal to lease than the Single Motor model – list price $49,900 – because amazingly, they have the same lease price. That’s basically a free upgrade to the Dual Motor model.
The Polestar 2 first made its debut in 2019 as the automaker’s first fully electric car. It launched in mid-2020 and the milestone 150,000th car rolled off the assembly line in August 2023.
The Polestar 2 is expected to be phased out in 2027, and company says the Polestar 7 will succeed it.
Click here to find a local dealer that may have the Polestar 2 in stock. –affiliate*
If you’re an electric vehicle owner, charge up your car at home with rooftop solar panels. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing on solar, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –ad*
FTC: We use income earning auto affiliate links. More.
Elon Musk has given an update with an outline for Tesla’s upcoming Full Self-Driving (FSD) software updates.
With FSD v12 and the upcoming launch of Tesla’s dedicated Robotaxi, there’s a lot of excitement around Tesla’s self-driving effort.
Musk is again in the too-familiar position of predicting that the automaker is close to releasing a true self-driving system, but the path to get there is still far from clear.
Now the CEO is providing some new comments on the upcoming release schedule for FSD:
“12.4 has almost completely retrained models. The final touches are for comfort, as it sometimes accelerates or brakes too fast for most people’s taste.”
Tesla FSD drivers are currently on 12.3.6 and the .4 update is expected to be a bigger step change, which Musk appears to confirm by saying that Tesla “completely retrained” the models.
The CEO recently said that Tesla is no longer constrained by training compute power after bringing more capacity online, giving the FSD team more opportunities to retrain neural nets with increasingly cleaner data.
Musk then continued about Tesla’s upcoming updates:
12.5 and 12.6 are in various stages of testing. We’re getting into rare, complex situations, for example: going down a narrow, one-way road, encountering a road closure and having to reverse out to find a new route. That closure also needs to be communicated to the rest of the fleet, so you don’t get a whole bunch of Teslas stuck down a road.
There’s no timeline for these upcoming updates beyond the fact that they are currently in internal testing, but Musk did say that v12.4 could come to the Tesla fleet as soon next week.
Electrek’s Take
Again, I’ve been impressed with v12.3.3-4. I’ve just got v12.3.6, but I haven’t had time to test it yet. I plan to do that this weekend. Also, I’ve been saying that if I start seeing decent improvements with the upcoming updates, I think I’ll start to see a clearer path to Tesla finally delivering on its promise – or at least a level 4 self-driving system.
However, as usual, when talking about FSD and especially when praising the system, I think it’s important to remind everyone that the keyword in ‘Supervised Full Self-Driving’ is ‘Supervised.’ Drivers need to remain attentive at all times and ready to take control.
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Environment12 months agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Sports6 months agoGame 1 of WS least-watched in recorded history
-
Sports1 month agoStory injured on diving stop, exits Red Sox game
-
Environment1 year agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Environment1 year agoTesla advances Powerwall pilot project with German electric company